CSLR and the cost of Dixon Advisory

On your second point, it's oddly fitting that the first (and biggest) contribution to the CSLR's costs has ended up being a perfect representation of the problem with its design – a problem you and others in the industry were very vocal about back when it was first proposed. 

It's now a matter of legal record that there were Dixon ARs who did not act in their clients' best interests, but this didn't happen in a vacuum; as you said, they were recommending products from a related entity, and those products received contributions because of that incentive structure. 

But at present, the CSLR can't consider the other end of that arrangement – certainly not in terms of a fairer distribution of industry funding obligations, anyway